My CPA Practice Advisor article on March Madness NCAA tournament betting – and its impact on your tax return. Here are 5 tips on reporting gambling on your tax return.
More is Less: Tax Gap Study Shows Increased IRS Efforts Yielded Lower-than-Expected Returns
November 13, 2018 by ·
The tax gap is the amount of tax dollars lost to the US Treasury each year due to taxpayer noncompliance. The tax gap is almost a ½ a trillion dollars a year. The IRS is tasked with closing the tax gap. This CPA Practice Advisor article shows the increase in compliance activity to close the tax gap.
Tougher IRS Compliance Practices Mean Big Changes for Practitioners
November 13, 2018 by ·
My 2011 Accounting Today article on how the IRS has changed to a more efficient compliance enforcement organization by use of notices – which can touch many more taxpayers than audits and face-to-face interactions.
The IRS Can Help you with Client Retention
November 13, 2018 by ·
My AICPA CPA Insider article to help tax pros and their firms serve their clients better after they file their tax return. Tax firms can use Form 8821 to proactively get information on a clients IRS account, including notices, and be able to respond timely.
The Notice Boom: New IRS compliance practices mean big changes for tax practitioners
November 13, 2018 by ·
The IRS new compliance strategy: coverage by notice. My Accounting Today article outlines the reasons why we are seeing a 570% increase in the number of IRS notices since 2001 – and what you can do about it.
Take the lead in your client’s IRS audit
November 12, 2018 by ·
My AICPA CPA Insider article on best practices for IRS face-to-face audits (office and field audits). In these audits, it is absolutely necessary to prepare ahead of an audit. Here are some steps to take to make sure you are ready for the audit and you get the best outcome.
From Reactive to Proactive: Stay Ahead of IRS Compliance Initiatives
November 12, 2018 by ·
My CPA Practice Advisor article to help tax pros identify their clients’ tax issues at the same time as their client by getting copied on their tax notices. I have helped hundreds of firms set up this proactive strategy that greatly improves their client relationships and puts them in the “know.”
This Valentine’s Day, Should You Check With The IRS Before You Say “I do”?
November 12, 2018 by ·
Here is my Valentine’s Day article to help evaluate whether your spouse has an outstanding tax issues. If they do, you may be helping them with tax problems for years to come.
Be prepared to answer six client questions about IRS transcripts
November 12, 2018 by ·
My Accounting Today article about explaining how to use and read IRS transcripts. The types of transcripts, how to obtain them, when they are available and for what years, and how to use them are explained in this article.
5 Myths of the Third-Party Designation on Tax Returns
November 12, 2018 by ·
The third-party designation on a tax return allows the third-party (usually the tax preparer) only allows the person or firm to help the IRS with the processing of the tax return. Maybe Form 2848, Power of Attorney, or Form 8821, Tax Information Authorization, is more appropriate to allow a third party to get information from the IRS and deal with any issues. Find out more in my Accounting Today article.
